Global Facial Tracking Solution Market: Overview
Face tracking is a major area ripe for futuristic innovation. Current facial recognition technology identifies faces in a digital video frame and can decode expressions and emotions in real-time. The technology can also be used through PCs as well as mobiles for a wide variety of functions. Usually, these include personal security, commercial trackers for collecting user data, and growth of technologies like AI and robotics. The technology can also be used both online and offline, making it viable for risk-free biometric security applications in sensitive sectors like defense. Digital signage is emerging as a major draw for companies to invest in facial tracking solutions. Major companies like Facebook also find appealing insights through facial tracking which are essential for growth of technologies like AI. The major investment and advancement in the area are expected to drive significant growth for the facial tracking solution market in the near future.
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Global Facial Tracking Solution Market: Notable Developments
The Indian government has announced a tender to create the world’s largest facial recognition system. The government received extremely positive response in April when during trials of the technology, Delhi government was able to identify 3,000 missing children in just four days. The National Crime Records Bureau under the home ministry has announced bid submission by July 8, which will close on November 8. The Indian government plans to create a vast repository system to track and nab criminals across the country. The requirement for participating in the bidding involves completion of a global contract among other requirements. The growing dependence on public surveillance to monitor law and order, and growing investment in facial recognition are expected to drive significant growth for the facial tracking solution market.
A new research published in the New England Journal of Medicine, promises major boost to the innovation potential of the facial recognition technology. The research consisting of over 6,000 individuals identified real images of the participants using their MRI scans. The brain images were created under normal circumstances to identify illnesses like Alzheimer’s. Later, the brain scans were used to recreate facial images of these individuals and using a facial recognition tool, these were identified. The technology has raised various concerns regarding the issue of privacy. However, it promises a major breakthrough for the commercial potential of the facial recognition technology for the purpose of targeted advertisement among others.
Global Facial Tracking Solution Market: Drivers and Restraints
The growing demand for facial recognition technology in defense, and growing boost to the technology due to increasing use in smartphones are expected to remain major drivers of growth. The large market for targeted advertising, potential of advancements like AI on the horizon, and growing health-related devices are expected to drive major growth for the global facial tracking solution market. The AI advancement are also making way for biometric security solutions, which are expected to rise in demand technology firms as well as in the defense sector in the near future. Moreover, industries like fashion, retail are also heavily relying on the technology to customize and personalize their services for individuals.
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Global Facial Tracking Solution Market: Geographical Analysis
The global facial tracking solution market projects strong promise in North America region. The rising investment in the region by tech firms like Facebook, growing investment in defense sector, and increasing need for biometric security solutions are expected to aid growth. Moreover, the facial tracking solution market is also expected to project significant growth in Asia Pacific, where large penetration of IT sector, cheap smartphones, and rising disposable income continue to drive innovation. Europe market is also expected to advance as privacy framework has largely been identified and innovation continues to pave way due to openness to more innovation.
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